Ujjivan Small Finance Bank vs UCO Bank: Children’s Savings Accounts

Ujjivan Small Finance Bank offers a dedicated kid’s savings account. UCO Bank offers its UCO Smart Kids Savings Bank Scheme for children above 10 years of age.

Children’s Savings Accounts from Ujjivan Small Finance Bank

Ujjivan Small Finance Bank offers a dedicated savings account for minors.

Minor Account

The account can be opened jointly with a parent or guardian.

Features

  • There is no minimum balance requirement on the account, and consequently no charges on non-maintenance of the said balance
  • The account is operated by the parent or guardian until the child reaches the age of majority. The minor cannot operate the account independently
  • Minor accountholders get a personalised RuPay Classic Debit Card on request once they cross the age of 10 years
  • The Minor Account is converted into a regular savings account once the child reaches the age of maturity
  • The bank offers a free SMS facility on the guardian’s or the accountholder’s registered mobile number
  • Accountholders also get access to NEFT, RTGS and IMPS

Children’s Savings Accounts from UCO Bank

The bank offers the UCO Smart Kids Savings Bank Scheme for children above the age of 10 years.

UCO Smart Kids Savings Bank Scheme

The account allows kids to open and run a savings account without any need for joint ownership with parents or guardians.

Features

  • Any literate child above the age of 10 years can open and operate the account
  • There is no minimum balance requirement
  • The kids get two chequebooks a year
  • The ATM card is personalised with a photograph. Kids also get a good looking passbook
  • Children can withdraw up to Rs. 3,000 per day subject to a limit of Rs. 15,000 per month through ATMs or net banking
  • A key benefit of this UCO Smart Kids Savings Bank Scheme is the ability for children to undertake transactions through net banking after a certain period of time
  • The bank also offers concessions for education loans

Reference Facts

  • Ujjivan Small Finance Bank Website: www.ujjivansfb.in
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Number: 1800 208 2121
  • UCO Bank Website: www.ucobank.com and www.ucoebanking.com (net banking)
  • Headquarters: Kolkata, West Bengal
  • Call Centre Number: 1800 274 0123